Stadium debt creeps down
Wellington’s regional stadium might bear the name of Westpac Bank, but it owes its soul to the ANZ Bank.
The curious anomaly was revealed in a Wellington Regional Council meeting on November 7.
During discussion of the council’s financial report for the first three months of the year, councillor Sandra Greig asked when the stadium debt would be paid off.
It emerged that the debt was in fact with ANZ, rather than Westpac, which owns naming rights.
For the record, the stadium opened in 2000 and the original loan was $18,528,000. It had been reduced to $11,528,355 by the end of September and was scheduled to be fully repaid in 2018.
The report showed the council had run at a surplus of $1.5 million for July to September, although it had budgeted for a $1.4 million deficit.
Those figures exclude public transport, capital projects and re-valuations.